Emaar

BANGALORE/MUMBAI: Dubai real estate giant Emaar and Bollywood star Shah Rukh Khan (SRK) are close to selling their highstreet retail distribution company Aryan Lifestyle to Bangalore-based Primus Retail. The three-year-old Aryan Lifestyle operates around 45 exclusive stores for brands like Tommy Hilfiger, Nike and Tag Heuer in the country. People familiar with the development said Primus Retail was set to acquire retail assets, including stores as well as inventory, of Aryan Lifestyle.

NEW DELHI: Managing Director of real estate major Emaar MGF Shravan Gupta was today summoned as an accused by a Delhi court which took cognisance of the Income Tax (IT) department's complaint against him for allegedly not furnishing details of his bank accounts. Additional Chief Metropolitan Magistrate Devendra Kumar Sharma summoned Gupta for March 24. Gupta's name, along with those of others, has allegedly cropped up in the blackmoney case. The IT...

HYDERABAD: A CBI Court on Tuesday permitted the Enforcement Authority sleuths to question and record the statements of those accused and now jailed in the probes pertaining to YSR Congress president YS Jagan Mohan Reddy , former Karnataka minister Gali Janardhan Reddy and Dubai-based realty firm Emaar. The move comes close on the heels of the court permitting ED to obtain the charge sheets filed by the premier investigating agency Central Bureau of...

BANGALORE: India today assured the UAE that it would address and protect the interest of Etisalat, DP World and EMAAR, who are mired in problems related to their investments in the country. In his bilateral meeting with UAE Minister of Economy , Sultan bin Sayeed Al Mansouri, Commerce and Industry Anand Sharma said: "We will do the best under the circumstances to protect the legal interests of the UAE...

DUBAI: Dubai-based developer Emaar Properties Sunday reported increases in its net profits last year and the fourth quarter on the back of robust performance and strong revenues from its shopping malls. Emaar posted a net profit of $234 million in the fourth quarter, up 14 percent on the $206 million posted in the corresponding quarter of 2013, a company statement said. Net profit in 2014 rose 28.3 percent to $897 million from $699 million the previous year, it said. The...

NEW DELHI: Real estate developer Emaar MGF has raised Rs 600 crore from private equity (PE) fund SSG Capital Management for its projects in the National Capital Region. The funds have been raised against the security of two residential projects and one industrial park in Gurgaon, near Delhi, that the builder is developing. The builder will use Rs 75 crore to construct two of its projects in Gurgaon, which are at an early stage of development. Around Rs 300 crore...

MUMBAI: Unfazed by two major companies, Emaar and Wockhardt Hospitals, withdrawing their initial public offers, Gammon Infrastructure Projects today said it will go ahead with its plans to tap the capital market. "Yes, we are going ahead with the IPO. Our merchant bankers have advised us to go ahead with the issue," Gammon Infrastructure Managing Director Parvez Umrigar told reporters. Though the company has not revealed how much it will raise, according to...

DUBAI: One of the world's largest shopping malls is set to open towards the end of the year in the booming Gulf retail paradise of Dubai, developers said on Tuesday. The Dubai Mall -- covering an area of around 12 million square feet -- will feature 1,200 stores, an indoor aquarium and an Olympic-sized ice rink, the emirate's real estate developer Emaar said in a statement. The development will dwarf the Mall of the Emirates, currently Dubai's largest retail centre...

DUBAI: The world's tallest tower opens in seven weeks in what could be a sign of this showcase Gulf city-state's swaggering confidence in its future. Or a soaring confidence trick. When it opens on January 4 with room for 35,000 people in its 800 apartments, Armani hotel and residences, 144th-floor nightclub, offices and commercial space, the Burj Dubai will stand at 818 metres , with 160 floors, 54 of the fastest elevators on the planet and no parallel for...

HYDERABAD: A special CBI court on Wednesday extended till April 1 the judicial remand of YSR Congress president Y S Jaganmohan Reddy in the disproportionate assets case. Besides Jagan, the court also extended the remand of former minister Mopidevi Venkata Ramana Rao, industrialist Nimmagadda Prasad and senior bureaucrat K V Brahmananda Reddy (all accused in Vanpic aspect of Jagan assets case) after they appeared before the court via...

HYDERABAD: The Enforcement Directorate today attached fixed deposits, plots and other assets worth Rs 96 crore in total in connection with probe related to APIIC-Emaar township project. CBI has filed a chargesheet alleging that Emaar Hills Township Private Limited (EHTPL) and others took excess money in cash for plots in EHTPL, without showing that on account books, and did not share this revenue with Andhra Pradesh Industrial Infrastructure Corporation, its JV...

NEW DELHI: Realty firm Emaar MGF has tied up with payment gateway firm PayU India for providing an online payment facility to its customers. "Emaar MGF customers can now pay EMIs for their properties through PayUMoney," the developer said in a statement today. PayUMoney would help customers to pay anytime and any amount with no restrictions of NEFT or RTGS , it added. PayU is one of the world's largest consumer payment processors. PayUMoney is...

DUBAI: Dubai's Emaar Properties faces a risk of oversupply in the emirate's real estate market, ratings agency Moody's said in a report on Tuesday, as the developer launches new projects and embarks on expansion of its existing assets. Dubai is still recovering from its 2009 debt crisis but property firms have launched a slew of new housing, retail and hospitality projects - stoking fears of another boom-bust cycle in the emirate's real estate market. Most...

NEW DELHI: The Income Tax department today conducted searches on the official premises of realty firm Emaar-MGF on charges of alleged tax evasion . Sources said a team of I-T sleuths began the searches early today and covered about three premises of the company in the national capital region including Delhi and Gurgaon. The company, while confirming the development to PTI, said it is cooperating with the authorities. "We wish to...

NEW DELHI: Corporate Affairs Ministry is believed to have found violations by real estate major Emaar MGF on various matters, including those related to corporate governance and related party transactions. The violations were found during an inspection of the books of Emaar MGF by Registrar of Companies (RoC), Delhi, sources said, while adding that a show-cause notice is likely to be issued soon to the company after final clearance. When contacted, an Emaar MGF...

KUWAIT CITY: Stock markets in the oil-rich Gulf states continued to bleed at the opening on Tuesday, led by the Dubai bourse, as investors remained jittery over the pessimistic global economic outlook. Investors are becoming increasingly concerned over the future of Gulf economies as the price of oil, the main source of income, has dropped sharply coupled with reports of heavy losses by Gulf investments abroad. That is bound to force governments to cut public spending, the main driver...

KUWAIT CITY: Most Gulf share markets dropped for the second straight day on Monday as a strong rebound in Asian stocks failed to offset anxieties about the regional economy. Only the Saudi and Omani markets were up slightly, while the other five bourses dipped as investors appeared to take the view that the global crisis may have a deeper impact on the oil-rich Gulf states than initially thought. "It appears that news which emerged in the past few days have not been...

NEW DELHI: India and UAE discussed an early resolution of the pending cases involving investment from Gulf companies such as Etisalat, DP World and Emaar to facilitate more investment from the region. The matter was taken up in the second meeting of India-UAE High Level Joint Task Force on Investments in Mumbai, co-chaired by commerce and industry minister Anand Sharma and chairman of the Abu Dhabi Crown Prince Court Sheikh Hamed bin Zayed Al Nahyan. ...

By The Independent From their apartment on the 98th floor of the world's tallest building, Mahi Golchin-Depala and her family could see far out across the Persian Gulf from one window, and the sands of Dubai inland from the other. Below them lay the islands built on the sea in the shape of the world, in stark white relief against the aquamarine. The distinctive high rise of the coral pink Atlantis hotel and water park lay before...